Funding arb · Price arb /

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 23:00 UTC−0.0548%/8h= −60.0% APRpaid last 24h −0.193%

Price spread now: Kraken Futures against Bitget−0.042%48s7-day average — · you buy dearer than you sell

to open and closeno order booka leg has no order-book sample

Long on Bitget Short on Kraken Futures

What this pair did over the last

the charts below follow

Funding, last 4 days (all we have)—no history yet

Price spread, last 7 days—no price history on both exchanges yet

Together, before fees—needs both histories

Both sides work against this trade now: funding costs −$16 a day on $10k at the current rate, and Kraken Futures is 0.042% cheaper against Bitget than usual: you would sell low and buy high (−$4 if the spread goes back to zero (this spread has no 7-day history yet)). Swap the legs. The two prices were read 48 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	Bitget LAYERUSDT	0.07634	0.0100	pay 0.0050% / 4h	1h 15m	$1.1M	$167K	50x
Short	Kraken Futures PF_LAYERUSD	0.07631	−0.0448	pay 0.0056% / 1h	15m 24s	$8K	$964	10x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Kraken Futures against Bitget. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

click an exchange to add or hide it

latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BitgetbpFee Kraken FuturesbpOrdersPrice spread, now −0.042%Rate

Funding earned: −$115.14
Price spread: −0.042% → 0.000%: −$4.18
Slippage, 4 orders: no order book: not counted
Fee Bitget: 6 bp × 2 orders: −$12
Fee Kraken Futures: 5 bp × 2 orders: −$10
Net: −$141.32
Costs to cover: 0.220%
Break-even: never at this rate

Slippage unknown: Bitget: live order book, 1 min ago; Kraken Futures: no order-book sample. Net counts fees only.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy Bitget live order book, 1 min ago	5.24 bp	26.9 bp −$27	186.0 bp −$1,860	doesn't fit	doesn't fit
Sell Kraken Futures no order-book sample	—	—	—	—	—

Kraken Futures: no order-book sample. Either the market is below $100k of open interest and volume (not sampled), or the venue executes at an oracle price and its slippage is not modeled here: see the venue's docs.

LAYER on 13 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Kraken Futures PF_LAYERUSDshort	−0.0448%	1h	0.07631	−0.042%	$8K	$964	10x
Injective LAYER/USDC PERP	+0.0033%	1h	0.07274	−4.716%	—	$18K	5.5x	as long as short
Hyperliquid LAYER	+0.0100%	1h	0.07640	+0.072%	$588K	$166K	3x	as long as short
Aster LAYERUSDT	+0.0100%	4h	0.07625	−0.123%	$9K	$2K	5x	as long as short
Binance LAYERUSDT	+0.0100%	4h	0.07627	−0.092%	$2.1M	$2.4M	50x	as long as short
OKX LAYER-USDT-SWAP	+0.0100%	4h	0.07631	−0.039%	$702K	$661K	20x	as long as short
Gate LAYER_USDT	+0.0100%	4h	0.07630	−0.052%	$136K	$55K	20x	as long as short
MEXC LAYER_USDT	+0.0100%	4h	0.07627	−0.092%	$352K	$114K	20x	as long as short
Bitget LAYERUSDTlong	+0.0100%	4h	0.07634	long leg	$1.1M	$167K	50x
BingX LAYER-USDT	+0.0100%	4h	0.07634	0.000%	—	$1.6M	—	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
ApeX Omni LAYERUSDT	+0.0100%	1h	0.07630	−0.052%	$26K	$185K	50x	as long as short
Extended LAYER-USD	+0.0104%	1h	0.07625	−0.113%	$2K	$174K	5x	as long as short
BloFin LAYER-USDT	+0.0154%	4h	0.07625	−0.118%	$113K	$12K	50x	as long as short